Small Business Health Insurance and Taxes
Along with the confusion regarding how the new health care bill will affect everyone, and when all those mandates will take place, how it will impact group health insurance has small business owners alternately praising the bill, and protesting it.
On the one hand, small business health insurance
has always been notoriously expensive, and therefore harder to offer employees. This is because small business owners don't have the large employee numbers to use as a bargaining chip when they try to negotiate with health insurance companies.
So while many larger companies save money by purchasing group health insurance
with large numbers, small business employees are less likely to get coverage at all, or to get coverage with desirable features.
For this reason many small business owners are struggling to find out if they qualify for the tax breaks now available to them with the passing of the health care bill. Those that purchase small business health insurance, or want to do so for the first time, can get up to 35% back from the federal government if they choose to do so.
The IRS has even posted detailed guidelines and on their website to help small business owners see if they qualify for a health care tax break
But on the other hand, there are some small business owners who are protesting the bill, claiming that by mandating coverage for all Americans the government has overstepped itself.
small business owners are struggling to find out if they qualify for the tax breaks.
Did you know...
Small business owners can get up to 35% back from the federal government if they choose to do so.
Many employers will be required to offer their employees some form of coverage - likely through group health insurance plans - by 2014. Businesses that employ fewer than 50 people will be exempt from fines levied on those with more than 50 people who don't offer coverage.
The NFIB, or National Federation of Independent Business, is protesting the health care bill and arguing that the mandate will interfere with the ability to run businesses.
The NFIB's CEO Dan Danner did not say how tax breaks did or did not play into the group's decision to challenge the constitutionality of the health care bill and its impact on small business health insurance.